Çöpler District (MII Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (MII Case) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $2.00B and initial capital of $218M. The mine plan runs 22 years at about 300 kozpa Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (MII Case) has reported Preliminary Economic Assessment (PEA) results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $2.00B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $2.00B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 924 USD/oz gold. Economics are based on $1,600/oz gold, $21.00/oz silver, $3.40/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 300 kozpa Au (5-year annual average). Average head grade is 1.26 g/t Au (heap leach oxide); 2.45 g/t Au (sulfide); 0.50 g/t Au and 0.20% Cu (Cu concentrator).
Resources and ownership. The company holds a 80% interest in the project.
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- NPV after-tax
- $2.00B
higher than 88% of 187 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 54% of 172 projects we track
- Mine life
- 22yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,152.60/oz
Against the 187 gold projects we track, this one lands in the top 12% on after-tax NPV, at $2.00B. That is a genuine signal of scale, but rank alone tells an investor little: what matters is what the ranking is built on. Here it is built on a scoping-level PEA, and that qualifier does more work than the percentile. A PEA can lean on inferred resources, and its capital estimate typically carries a plus or minus 50% band, so the $2.00B should be read as a directional figure rather than a number a financing syndicate would underwrite. The 22-year mine life supports the scale case, but it also extends the period over which those early assumptions have to hold.
The constraint that matters most is not funding. Initial capex of $218M is 11% of NPV, and against a US$6.80B market cap the build is small enough that this company could carry it without the dilution or debt package that typically decides whether a development project gets built. That is the sharpest fact in the file, and it removes the usual failure mode. It also means the project is unlikely to be the thing that moves the equity: it is one of 63 projects we track for this company, so even a successful build is a portfolio event, not a transformational one.
The study assumes $1,600/oz gold against a live spot of $4,152.60/oz. That gap is the entire investment case and the entire risk. If spot holds anywhere near current levels, the study's economics are conservative and the true NPV is materially higher; if the gap reflects a market that expects prices to normalise, the $2.00B is closer to the real number. Erzincan adds a jurisdiction discount that no price deck offsets. The question that decides this project: does the gold price stay high enough, long enough, to justify advancing a PEA-stage asset in Turkey toward a feasibility study?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.